Duplex Chalet with Mountain
For Sale
$975,000
33605 Sky Valley Drive, Steamboat Springs, CO 80487
PUD zoning supports duplex, short-term rental, and live/work configurations near Steamboat Springs.
Property Size2,037 SF
Days on Market128
Property Features for 33605 Sky Valley Drive
General Information
Standard status
Active
Size
2,037 SF
Property subtype
Duplex
Zoning
Planned Unit Development
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Building Details
Building Size
2,037 SF
Year Built
1971
Buildings
1
Stories
3
Construction
chalet
Listing Agency:
Re/Max Partners
(970) 879-7653
Listed By:
Kim Kreissig · License #40019984
Source:
Steamboatmountainrealestate
Added: Apr 6
Changed: Aug 11
Last Checked: Aug 10 at 12:19PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Re/Max Partners
Investment Insights
Based on property information with market context.
This 1971 duplex chalet includes two distinct residences arranged across upper and lower levels. The upper home offers 2 bedrooms and 1 bath, an updated kitchen with quartz countertops, stainless steel appliances, stone tile, and mosaic backsplash, plus exposed beams, a loft, and multiple outdoor living areas. The primary bedroom includes a sink and private deck access. The lower residence provides 1 bedroom and 1 bath, an open layout, separate entrance, private patio, and ample parking.
Situated on a corner lot in Timbers Village, the property has views toward Catamount Lake, the Flat Tops Wilderness, and surrounding peaks. National Forest access is nearby, and Steamboat Ski Resort is less than 7 miles away. Planned Unit Development zoning allows short-term rentals, duplex use, and live/work use.
Situated on a corner lot in Timbers Village, the property has views toward Catamount Lake, the Flat Tops Wilderness, and surrounding peaks. National Forest access is nearby, and Steamboat Ski Resort is less than 7 miles away. Planned Unit Development zoning allows short-term rentals, duplex use, and live/work use.
Key Highlights
- Upper residence includes 2 bedrooms and 1 bath
- Lower residence offers 1 bedroom, 1 bath, private entrance, and patio
- Updated kitchen with quartz countertops and stainless steel appliances
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$41,145
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.22%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$822,900
$822.9K
Cap Rate 7%
$587,786
$587.8K
Cap Rate 9%
$457,167
$457.2K
Market Conditions
NOI Build-Up for 2,037 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$62.3K $30.60/SF
− Vacancy
−$3.6K −$1.74/SF
EGI
$58.8K $28.86/SF
− OpEx
−$17.6K −$8.66/SF
NOI
$41.1K $20.20/SF
Area
Routt County, CO
Vacancy
5.70%
Lease Rate
$30.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$822,900
Cap Rate 7%
$587,786
Cap Rate 9%
$457,167
Alternative Uses
Best Use
Multifamily LT 5
$587.8K
$514.3K – $685.8K
NOI $41,145 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$541.6K
$473.9K – $631.9K
NOI $37,913 @ 7.0% cap · market cap 3.89%
Theoretical Best
Warehouse
$814.7K
$712.9K – $950.5K
NOI $57,030 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
Explore this area
Business Placement
Demographics for 80487, CO
18,209
Population
13,231
Households
1.4
Avg Household Size
42
Median Age
57%
College-Educated
97%
High-School Grad
795.8 sq mi
ZIP Area
23
Density / Sq Mi
$106,837
Median Household Income
$50,551
Median Earnings
$1,927
Median Rent
$915,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - PUD zoning supports duplex, short-term rental, and live/work configurations near Steamboat Springs.
Where is this duplex located?
The property is located at 33605 Sky Valley Drive Steamboat Springs, CO.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Upper residence includes 2 bedrooms and 1 bath; Lower residence offers 1 bedroom, 1 bath, private entrance, and patio; Updated kitchen with quartz countertops and stainless steel appliances
